KARACHI: Karachi Tax Bar Association (KTBA) has proposed to align the IRIS system with Section 116(3) of the Income Tax Ordinance 2001, allowing taxpayers to revise their wealth statements in certain cases. The proposal, submitted to the relevant authorities, highlights a procedural difficulty in the current IRIS system that disallows the filing of revised wealth statements even when amendment proceedings under Section 122 are concluded or notices are withdrawn without adverse inference.
The proposal argues that taxpayers should be allowed to revise their wealth statements to correct omissions or misstatements when no notice under Section 122(9) is operational. This would be in line with the legislative intent and facilitate genuine corrections by taxpayers. The proposal suggests treating cases where notices are withdrawn or proceedings are concluded without amendment as "withdrawn notices/closed proceedings" to allow taxpayers to revise their wealth statements.
If implemented, this proposal would enable the IRIS system to accept revised wealth statements in cases where no notice under Section 122(9) is effectively operative, providing relief to taxpayers and promoting compliance with tax laws. The proposal is currently under consideration, and its implementation would bring clarity and consistency to the tax filing process.
